The stock market was having an excellent day on Wednesday, with all three major averages higher by 1% or more at 2 p.m. EDT. However, Boston Omaha (BOC -4.44%) has been a major standout with its shares up by more than 17% after rising nearly 10% the day before.
There isn't any company-specific news driving the move higher today, but we're sure seeing quite a bit of volume. By 2 p.m. EDT, more than 189,000 shares of Boston Omaha had changed hands, while the average full-day volume in the stock is around 90,000.
One potential explanation for the surge in investor interest is a Barrons article published on Sunday that highlighted the fact that Boston Omaha's co-CEO Alex Rozek is Warren Buffett's grandnephew, and that he is beating the returns of his great uncle's company Berkshire Hathaway (BRK.A -0.97%) (BRK.B -0.93%) so far this year.
To be fair, the article emphasizes that it isn't a fair comparison. After all, Buffett has a track record of stellar returns that extends back to the mid-1960s. But it could explain a sudden surge of investor interest in a company that looks a lot like an early-stage Berkshire Hathaway.
Just because there isn't any company-specific news driving Boston Omaha higher it doesn't mean that it's not a justified move. Boston Omaha's second-quarter results looked spectacular, its SPAC recently found an acquisition target, and its fast-growing broadband business launched a new subsidiary last week, Fast Fiber Homes, which has the potential to build a massive recurring revenue stream.